Quote:
Originally Posted by thommy
it has nothing to do with unlawful content. this is not what a payment system or a bank have to look for.
the bigger problem for them are the money laundering laws. as long as someone just receives a few 1000 per year it is not a big deal but when the income is getting bigger they HAVE TO get all information about this account owner.
and now guess how many of them will give this information in our industry ?
at the end they are sitting on thousands of accounts "on hold" and have to report all of them by law to the authorities. I am not sure how many people they would need to employ just for that.
paypal is definitely a scam but in this case I understand their decision.
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THIS. Finally someone who isn't speculating.
Remember when Paxum required everyone to have business accounts? Same reason.
I had a foreign bank account for a few years while I was living abroad. The bank sent me a letter to my home address, requesting I sign a document declaring I was not american and hiding money. The US is pressuring every financial institution in the world to close up loopholes, evaders, and money laundering (even though it's a bit of hypocrisy that big corporations are still getting away with it)